Description: Value of new business (VNB) is being used by many companies for various purposes including: internal and external financial reporting, incentive compensation, pricing, capital management, and comparing products, distribution channels or regions on a consistent basis. Presenters will discuss how and why value of new business is used within their companies including: the various methodologies considered, some of the benefits and challenges related to implementing VNB, integrating VNB within their business as usual processes, and managing to VNB.

Description: Generally accepted accounting practices (GAAP) reporting frameworks are more involved than ever before. From disclosures, to assumption changes, to interest rate movements, uncovering the drivers of income emergence can prove hard to do, and even trickier to communicate. This session will revisit how the updated standards create layers of complexity and offer ways to side step these obstacles to generate useful earnings analysis by various drivers.

Description: This session will explore governance considerations for insurance carriers leveraging machine learning models. During the session, panelists will share insights on the evolving predictive model and AI regulatory landscape, as well as techniques for developing or enhancing AI governance frameworks that comply with emerging regulatory guidance.

Description: Enterprise Risk Management (ERM) provides practitioners all of the tools necessary for assessing, quantifying, and managing risk on an aggregated, holistic basis. However, in practice it is often found that there is a tendency for company managements and even seasoned risk practitioners at times to navigate their risk exposures one at a time. This habitual approach produces sub-optimal results due to the oversimplification of risk events and understating the complexity of the world in which decision makers must navigate. At the heart of this sub-optimal behavior is the human predilection towards mental accounting. As with financial accounting, mental accounting employs a ledger function that mentally registers debts and balances. However, unlike a traditional ledger, the mental ledger is not precise, does not always sum debits to equal credits, and creates arbitrary categories for resources that are treated as independent, unrelated pools. These differences in function profoundly impact financial judgments and decision-making. Learn more about the long history of mental accounting, including examples from daily life to illustrate the principles involved. Discuss how mental accounting can arise during the ERM process cycle, with a special emphasis on its impacts on effectively quantifying risk and how this results in sub-optimal decision making. Discover behavioral tools specifically designed to mitigate the risk of mental accounting creeping into a company's ERM activities.

Description: In this AUW-inspiring session, we'll dive into a decade-worth of accelerated underwriting (AUW) random holdout and post-issue audit data collected across 30+ industry programs and learn monitoring best practices directly from two life insurance underwriting experts on the 'front lines' of monitoring. From the industry study, we'll explore misclassification trends, including the characteristics of applicants most likely to be misclassified in a random audit and how we use this monitoring data to estimate excess mortality 'slippage' in AUW programs. From first-hand experience, underwriters will highlight the challenges and benefits of various monitoring methods, including resource constraints and how targeted auditing can be leveraged to guide future program enhancements. Lastly, we'll discuss when year-over-year trends and claims experience become credible, and in the meantime, how to look for value beyond the slippage estimate to improve fluidless underwriting programs moving forward into the next decade and beyond! Learning outcomes: 1) Gain a solid understanding of common monitoring practices in accelerated underwriting programs 2) Explore an in-depth monitoring study of 30,000+ random holdout and post-issue audit cases across 30+ AUW programs spanning over a decade of issue years 3) Learn how to use monitoring data to estimate excess mortality 'slippage' in AUW programs 4) Discover how monitoring insights and techniques can be leveraged to improve fluidless underwriting programs moving forward

Description: This session will highlight the growing significance of climate risk for insurance companies, emphasizing how to prepare for regulatory requirements as well as the impacts on financial stability and operational resilience within the industry. Attendees will gain insights specifically addressing climate risk within insurance operations including enhancing governance structures, ensuring regulatory compliance, identifying and monitoring metrics and key risk indicators, and conducting scenario analyses. Through real-world case studies and perspectives from both life and P&C practitioners, participants will leave equipped with practical strategies to navigate the complexities of climate risk management, foster transparency and accountability, and effectively address the urgent challenges posed by climate risk within their organizations. Learning Objectives: - Understand the evolving landscape of climate risk and regulatory requirements for climate risk disclosure. - Gain insights into effective approaches and current best practices that actuaries and risk modelers may use in performing qualitative and quantitative climate risk scenario analyses. - Learn practical strategies for integrating climate risk considerations into insurance operations.

Description: As actuaries, we learn many facts and techniques and we develop many skills that enable us as professionals. In this session, we'll explore the art of skill development itself, and how to get good, at getting great, at literally anything, in record time. Malcolm Gladwell suggested we need 10,000 hours to become extraordinary in a skill. In this session we'll talk about the shortcut that allows any human to gain new skills to the level of 'world-class' in as little as 108 days, in effect, becoming so good at something that we become 'unrecognizable to ourselves, in all the best ways'. Learning outcomes include: 1. Learn the art of Perfect Practice: how to level up any skill faster than anyone else, using decades of research from BRATLAB and the science of performance into how to create skills and habits. 2. Explore why 'trying harder' is a recipe for stagnation and what it means to 'try different' 3. Leave with insights into the 'Magic Eight' receipt for rapid skill development and how that can transform your career and your life.

Description: This session aims to put everything together and explore progress on company’s ERM process to incorporate climate risks and enterprises’ attempt to provide sustainability information to audiences in need. We will discuss the latest development in international standard on sustainability disclosure. We will diagnose the challenges on implementation and effort to resolve them. We will compare the requirements and latest development across different jurisdictions and possible cross learning among them. To conclude, we will land on what opportunities present to the actuarial community! At the end of this session, participants will be able to: • Discover requirements on sustainability reporting standards across different jurisdictions • Appreciate the challenges and progress to integrate climate risks in company’s ERM approaches • Comprehend actuaries’ opportunities and responsibilities to contribute

Description: It happens every year: hurricanes, wildfires, and floods destroy property, interrupt routine care, and exacerbate chronic conditions. Clearly, general insurance and health actuaries need to reflect these conditions in their pricing projections even though there are lots of unanswered questions about the frequency, intensity, and location of significant events. In this session, the presenters will discuss how to reflect the impact of climate change in the day-to-day work of health and general insurance actuaries. After this session, attendees will be able to: - Describe the impact of climate change on property damage and healthcare - Identify relevant data sources and methods needed to reflect the impact of climate change for use in the day-to-day work of health and general insurance actuaries - Discuss the risk associated with climate change

Description: An actuary striving for a broad leadership role needs to build strong communication and influencing skills, as well as strategic and general business skills. They must be able to quickly adapt to being submerged in a fast-paced, results-oriented environment. This workshop is intended to educate mid-level actuaries on the key characteristics that define good leaders and how to focus on building the skills necessary to successfully transition into a leadership role. At the conclusion of this workshop, attendees will: - Be able to determine if a leadership path is right for them - Learn the key competencies that make good leaders - Understand how to build the skills necessary to move from technical expert to leader